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Reply by Rick_M

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Posted on pricing your work

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Rick_M

10245 posts in 2159 days


#1 posted 02-22-2014 04:58 PM

There are plenty of opinions on pricing. You can charge a lot and pretend you don’t care if it ever sells, someone once called this waiting for the lottery which I think is apt. Or you can find a reasonable middle ground that people will pay, keep making and selling items. If you want to make a utility item to sell, don’t make it then try to figure out it’s value based on labor and materials because that’s backwards. Determine the value, then figure out if/how you can afford to make and sell the item for a profit. For example if you see that a certain style of cutting board is selling at around $60 but costs $30 to make, that’s a loser. You’d need to drastically lower your material and labor cost to sell it for a profit. If you try to sell a $60 cutting board for $120, that’s waiting for the lottery. Instead come up with a cutting board that sells for $120 and costs $20 in materials. At the end of the day, something is only worth what someone will pay for it. If paying customers are telling you that your prices are cheap then raise them, if anyone else is telling you your prices are too cheap be wary. If your products are selling out quickly, you are too cheap.

-- http://thewoodknack.blogspot.com/


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